NATGAS prices fall during today's session by over 4.82%, thereby negating much of the gains observed yesterday. Natural gas futures gained yesterday due to freezing temperatures and increasing demand for heating.
NatGasWeather portal noted yesterday two strong storms that hit the Continental United States, with one over the northwest causing violent winds and snow. The larger second storm hit parts of the Plains and the Midwest at the beginning of the week, and on Tuesday, it moved over the Great Lakes and eastward. According to analysts from Wood Mackenzie, during the blizzards, extraction could have fallen by 2-3 Bcf/day.
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January's cold weather may result in a more rapid withdrawal of reserves from storage and a reduction in their underground reserves. In this matter, tomorrow's EIA report on the reserves of this commodity in the USA may be key. According to estimates, reserves have shrunk by 121 Bcf compared to the 5-year average for this period at 87 Bcf. However, in the overall account, the total reserve level is still very large. Source: EIA
NATGAS prices are retreating after yesterday's huge increases from the psychological zone of 3.00, which runs on the 200-day exponential moving average (golden curve). Source: xStation
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